TORONTO, April 19, 2012 /CNW/ - ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V:EOG) Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") is pleased to announce that the Canadian oil and gas exploration Company has listed on the Namibian Stock Exchange ("NSX"). The Company fulfilled all the requirements to complete the dual - listing of 100% of its share capital, consisting of 60,274,682 common shares, on the NSX under the symbol "EOG". There will be no change to Eco Atlantic's listing on the Toronto Stock Exchange - Ventures (the "TSXV") and the TSXV will remain the primary listing for Eco Atlantic's common shares.
Eco Atlantic commenced trading yesterday on the Development Capital Board of the NSX, the second largest Exchange in Africa by market capitalization. The Company has received the necessary permissions from, among others, the Central Bank of Namibia, the listing committee of the NSX, and the Financial Regulator in Namibia. The sponsoring broker for the NSX listing is IJG Securities (Pty) Ltd. based in Windhoek, Namibia.
The Board and Management of Eco Atlantic decided to list on the NSX, and becoming the first Oil and Gas exploration issuer to list on NSX, for the following reasons:
- A dual listing on the NSX will enable the Company to gain access to Namibia's and South Africa's large captive savings pool for its investment; it will also enable the general public in both Namibia and South Africa to take a part in the new and promising oil and gas exploration sector in the region;
- Through a dual listing, the Company further demonstrates its long lasting commitment to Namibia, and the development of the local economy;
- A listing on the NSX will raise the Company's profile amongst members of the general public, investors and in particular the Namibian Government. This should assist with expanding local business relationships;
- The Company will be able to better incentivize, attract or retain quality Namibian employees by providing them with various incentive schemes;
- The Company will be the first and the only company focused on oil and gas listed on the NSX, thus further enhancing interest in the Company.
At a celebratory event in Windhoek, which was attended by investment banks GMP Securities L.P., Clarus Securities Inc. and M Partners Inc., as well as Eco Atlantic's partners NAMCOR (Pty) Ltd. (the Namibian state oil company) and Azimuth Ltd.; Minister of Mines and Energy, the Honourable Isak Katali stated: "I would like to take this opportunity to commend Eco Atlantic for being the first Company focused on oil and gas to be listed on the Namibian Stock Exchange. The listing demonstrates your commitment to this Country and the local Economy. I am sure this listing will increase awareness of Eco Atlantic's activities and provide additional means of attracting new investment."
Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, "The NSX listing provides our shareholders and other stakeholders' exposure to Namibian and South African region investments and finance. Being publicly traded provides local Namibians an opportunity to participate in new developments of the oil and gas sector in Namibia. I take a special pride in that Eco Atlantic is the first international oil and gas company to be ever listed on the NSX. The listing will provide our current Namibian team with better visibility and attraction of the market and with the success and growth of Eco Atlantic, we will have the opportunity to attract new investors, stakeholders, and employees with these same incentives. There is a huge interest within the general public in the region in the new developing oil and gas sector, and we are here, perfectly positioned, to entertain this interest."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Through its wholly owned Namibian subsidiary, Eco Namibia, it holds five petroleum licenses issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore license blocks covering more than 25,000 square kilometers (6,177,000 acres). Eco Namibia also holds two onshore license blocks covering 30,000 square kilometers (7,413,000 acres). Eco Namibia, founded in 2008, enjoys a strong local presence, and has a longstanding relationship with the energy and oil and gas sector in Namibia and in the region. The terms and conditions of these licenses are regulated by agreements signed by Eco with the Government of the Republic of Namibia in March 2011.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Eco Atlantic to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, without limitation, risks associated with oil and gas production and exploration, marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; environmental risks; competition; inability to access sufficient capital from internal and external sources; government regulation of petroleum and natural gas matters; environmental risks; unanticipated reclamation expenses; title disputes or claims, termination or amendment of existing contracts; actual results of drilling activities; conclusions of economic evaluations; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the petroleum and natural gas industries and delays in obtaining or failure to obtain any governmental approvals or licenses. . Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Eco Atlantic believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Eco Atlantic can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Eco Atlantic undertakes no obligation to update publicly or revise any forward- looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For further information:
For More Information on Eco Atlantic Contact
President and Chief Executive Officer
Tel: +972.508 884529